Nigeria recorded a current account surplus of $3.73 billion in the first quarter (Q1) of 2025, driven largely by increased non-oil and gas exports, according to the Central Bank of Nigeria (CBN).
In its Q1 2025 Balance of Payments (BOP) report released Thursday, the apex bank said the surplus was slightly higher than the $3.69 billion recorded in Q1 2024.
“Provisional balance of payments (BOP) statistics for Q1 2025 show a current account surplus of $3.73 billion, which was lower than the $3.80 billion recorded in the previous quarter, but slightly higher than the $3.69 billion recorded in the corresponding period of 2024,” CBN said.
The current account reflects the nation’s earnings from exports, remittances, and other inflows, relative to imports and services.
CBN attributed the surplus mainly to improved export performance in both oil and non-oil sectors and reduced imports.
“Increase in non-oil exports by 30.39 per cent to $2.66bn. Increase in gas exports from $2.10 billion to $2.66bn,” the apex bank said.
“Decrease in non-oil imports from $7.37 billion to $6.77 billion, and sustained surplus in the secondary income account of $5.29 billion.”
A breakdown of the goods account showed crude oil exports rose to $8.59 billion, while gas and non-oil exports each contributed $2.66 billion.
“Higher balance in the goods account was driven by an increase in exports by 9.79 per cent to $13.91 billion in Q1 2025, as a result of the increase in oil & gas export earnings as well as non-oil exports,” the report said.
“This development was triggered by higher quantities of oil & gas exported and depreciation of the naira, which made our non-oil exports cheaper/more competitive.”
SOURCE: neusroom.com